NZME, the owner of New Zealand’s top-selling newspaper The NZ Herald, says it is in talks with Nine Entertainment to buy media firm Stuff.
Stuff was one of several assets Nine put up for sale in December last year when it finalised its takeover of Fairfax Media.
NZME on Tuesday confirmed to the ASX it had put a proposal to the government regarding a possible transaction but stipulated discussions were at a preliminary stage.
“There can be no certainty at this stage that these discussions will result in any transaction,” the dual-listed media firm said.
NZME’s ASX-listed shares were up 14.3 per cent to 40 cents by 1537 AEDT.
In its annual report to shareholders last month, Nine said Stuff remained an asset held for sale, while noting the business had suffered difficult trading conditions following the March Christchurch attacks.
Nine sold off its regional and community newspaper division to former Fairfax executive Antony Catalano and ASX-listed Thorney Investment Group for $115 million in July.